CA - Canadian Apartment Properties Real Estate Investment Trust (CDPYF) Q1 2024 Earnings Call Transcript

2024-05-12 10:11:06 ET

Canadian Apartment Properties Real Estate Investment Trust (CDPYF)

Q1 2024 Earnings Conference Call

May 9 2024 9:00 AM ET

Company Participants

Nicole Dolan - Investor Relations

Mark Kenney - President & Chief Executive Officer

Julian Schonfeldt - Chief Investment Officer

Stephen Co - Chief Financial Officer

Conference Call Participants

Jonathan Kelcher - TD Cowen

Kyle Stanley - Desjardins Capital Markets

Mike Markidis - BMO Capital Markets

Jimmy Shan - RBC Capital Markets

Sairam Srinivas - Cormark Securities

Matt Kornack - National Bank of Canada Financial Markets

Presentation

Operator

Good morning. Thank you for attending today's Canadian Apartment Properties REIT First Quarter 2024 Results conference call. My name is Megan and I'll be your moderator for today's call. [Operator Instructions].

I would now like to pass the conference over to Nicole Dolan, Investor Relations. Please go ahead.

Nicole Dolan

Thank you, operator and good morning, everyone. Before we begin, let me remind everyone that during our conference call this morning, we may include forward-looking statements about expected future events and the financial and operating results of CAPREIT, which are subject to certain risks and uncertainties. We direct your attention to Slide 2 and our other regulatory filings for important information about these statements.

I will now turn the call over to Mark Kenney, President and CEO.

Mark Kenney

Thanks, Nicole and good morning, everyone. Joining me this morning is Stephen Co, our Chief Financial Officer; and Julian Schonfeldt, our Chief Investment Officer. Let's turn to Slide 4 and begin with our operational performance. We've experienced another quarter of low turnover and vacancy and our Canadian Apartment portfolio was 98.4% occupied on March 31, 2024.

Across that, our average monthly rent was $1,552, which is meaningfully lower than the national average. These stats reflect the ongoing high demand for CAPREIT’s rental accommodation as we remain the provider of affordable living in many of Canada's least affordable cities. We're proud of this positioning, especially as we continue to experience one of the worst housing crises our country's ever experienced.

On Slide 5, we summarized our financial results for the first quarter as compared to Q1 of 2023....

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